Crescent Real Estate Equities Co. and a fund managed by JPMorgan Fleming Asset Management have acquired Miami Center, a 780,000 sq. ft. office tower in downtown Miami.
JPMorgan Fleming acquired a 60% interest, and Crescent acquired 40%. Crescent also will manage and lease the property on a fee basis.
"Miami Center fits the profile in that it offers what we believe to be stable cash flow from a high-quality asset with minimal near-term rollover," says John Goff, Crescent CEO.